Britain wants to take credit for career self-assessment is in the same way that you apply for personal loans in the bank, said a spokesman for the bank for cooperatives.

Career development loans can be used to help people to acquire new skills, training, qualifications or experiences that are not part of them got a new job or start a new career, according to the website Directgov, but 'Andy Hammerton Co-operative Bank has suggestions to get easier for a career development loan personal loan when it comes to credit history problems is governed.

"If they [the applicant] have a credit history, the very, very bad to accept not only because of the career development loans, you have to credit scoring. We are a responsible lender," said Hammond. "The value of the credit in the past, it is usually a good indicator of what will happen in the future, so if someone has a bad credit risk, first because a course does not always mean that the sound of the credit risk in the future they need to have. Take adequate credit. “

Co-operative Bank is a provider of career development loans, according to the website of the government, with the Royal Bank of Scotland (RBS) and Barclays also offers the possibility of this loan specialist. The loan ranges from £ 300 to £ 8,000 and is to study a maximum of three years.

He also referred to Mr Hammond, was that the loan does not take the track for the consumer to find the cheapest loans on the market, with private loan for a trip much more credit available for borrowers in the UK has to offer. He said that because of the personal credit sector as "very competitive in the market," no credit "cheap", available for a particular occupation.

However, if competition drives the cost of money, it is unlikely that borrowing costs will fall in the near future careers. As the Speaker mentioned, there are only three "actors" of the market, RBS, Barclays Bank and the cooperatives that are not linked by new entrants. "It is the competition that you see in the market soon [private]," said Mr. Hammond, although he suggested that the loan can be found "when the rate of six or seven percent," quickly if you want to pay back loans.

In May this year, said Moneysupermarket.com that the loans are at their lowest level in four years with the head of the lending business, Tim Moss, is further said that the loan "has never been so good the market." This is calculated from the difference between the base rate of the Monetary Policy Committee of the Bank of England, and interest on loans more affordable. Mr. Moss added that the profit margins for the providers of financial products, such as "less than before."